Could latest Nasdaq downtrend be ending?

[Baker]

if we close above about 1825 (now at 1782) we'd be about out of this most recent downtrend channel. No way that happens today but could occur early next week. As a matter of fact I'm already back in about 75% and will go in 100% if we do get out of this channel. BTW, i'm just posting what I think but I'm frequently wrong so be careful whatever you decide.

 

[Baker]

Nas at 1868 and hasnt taken off like i thought it might. I sold some tech funds about 1930 or so but bought them back a little above the level we're at now and now not sure that was such a smooth move. anyway, i'm back in 100%. from a technical standpoint we're sitting in a precarious spot right now in my very inexperienced opinion. If we close tomorrow above about 1875 then I'll feel more confident and may stay put for a while. If not I'll likiely sell about 75% again.

 

[Baker]

Sold techs today as we showed lots of weakness and too bad i didn't do it two days ago like i should have. Nas at 1832.

 

[Baker]

Today the nas is parked at 1725 which is exactly my line in the sand. I got back in a few days ago, about half in Nas and half in Spx (S&P) and we're down a few percentage points since then.

As I say, my pathetic guess is we're at a sort of crossroads. If we close below 1725 I'll start selling again and I'll probably then just sit all this mess out for a while. As long as we stay above 1725 I'll stay in my current position and add to it if we appear to gather strength which would be around 1800 or so. That's the current play anyway.. of course always chance we audible. lol

Tomorrow might be an interesting day.